The appropriate answer for the given statement.

Question

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Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

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Students have asked these similar questions

On March 1, 2019, Baltimore Company's beginning work in process inventory had 9,500 units. This is its only production department. Beginning WIP units were 50% done as to conversion costs. Baltimore introduces direct materials at the beginning of the production process. During March, a total of 22,400 units were started and the ending WIP inventory had 6,200 units which were 60% done as to conversion costs. Baltimore uses the weighted average method. Use this information to determine for March 2019 the equivalent units of production for conversion costs. (Round the answer to the nearest whole number of units.)

Please provide correct solution for this accounting question

Subj. General Account

Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

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Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

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Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

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Answer 5

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

Answer 6

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

Answer 7

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.